On Saturday, the smart contract platform Solana’s token, solana (SOL), eclipsed the $100 threshold, achieving a weekly growth exceeding 36% against the U.S. dollar. Throughout the year, investor sentiment toward solana (SOL) has remained overwhelmingly positive, intensifying following the conviction of ex-FTX chief Sam Bankman-Fried on multiple charges on Nov. 2, 2023.
Solana’s Market Triumph
In the previous year, solana (SOL) has escalated an impressive 764% relative to the U.S. dollar, breaching the $100 milestone on Dec. 23, 2023. This price point for SOL has been unprecedented since April 2022, and the cryptocurrency has overtaken BNB to become the fourth largest by market capitalization. Currently priced at $103 per coin, SOL boasts a market value of approximately $43.58 billion. The coin’s daily trading fluctuation on Saturday ranged from $93 to $104.
Over the last month, SOL has seen an increase exceeding 80%, with a near 38% rise in the past fortnight alone. SOL is up 6.6% in the past 24 hours, culminating in over 36% growth against the dollar over the week. With a $3.26 billion global trade volume in 24 hours, Solana holds the fifth-largest trade volume this weekend. Tether (USDT) leads as SOL’s top trading pair today, followed closely by USD, KRW, BTC, EUR, and the stablecoin FDUSD.
This weekend, the Korean won accounts for 6.69% of SOL’s 24-hour global trading volume. In South Korea, Solana experiences a ‘Kimchi premium,’ trading at $106.80 on Upbit and $106.95 on Bithumb, over 4% higher than the global average of $103. Despite the offloading of SOL tokens by FTX’s bankruptcy estate, the enthusiasm for SOL remains undiminished. Additionally, a portion of Solana tokens from FTX’s bankruptcy is vested or locked for an extended duration.
Following Sam Bankman-Fried’s conviction on Nov. 2, 2023, SOL’s value leaped from $40 to $56.67 within a week. The Solana ecosystem itself is experiencing notable expansion. The total value locked (TVL) in Solana’s network, previously on a decline, has begun to recover, indicating a resurgence of interest and confidence in the platform. Sales of Solana-based non-fungible tokens (NFTs) have surged significantly, recently surpassing Ethereum and ranking second only to Bitcoin-centric NFT sales in the past week.
Despite the recent support, not everyone endorses solana (SOL). A critic with the handle “Defi Made Here” (DMH), and 36,600 followers, disclosed he has steered clear of SOL for reasons including being “connected to Sam/Alameda/FTX, all coins were basically Sam coins, you got instantly filled on FTX when buying Sam coins but never filled when selling, chain was switching off/on every week which we later came to know was due to Sam liquidating people, and unreliable bridges,” among other concerns.
The future of Solana remains to be seen, with the crypto community divided between bullish optimism and skeptical caution. Despite the uncertainty, hard market-driven data leans favorably, suggesting a bullish trend for SOL going forward. As the crypto world watches, the mix of hope, caution, and tangible metrics continues to shape the narrative of this dynamic digital asset. While it crossed $100 on Saturday, SOL is still 60% down from its $259 all-time high recorded on Nov. 6, 2021.
What do you think about solana jumping over $100 per coin on Saturday? Share your thoughts and opinions about this subject in the comments section below.
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